Temporary extension to the Help to Buy scheme
The Help to Buy equity loans scheme is open to both first-time buyers and home movers on new-build homes in England with a purchase price up to £600,000. The Help to Buy equity loans provide a low-interest loan towards the deposit. The loan is interest free for the first 5 years. New home buyers need a 5% deposit, and the government lends up to 20% of the value of the home (up to 40% for London).
The deadline for the homes to have been finished in order to comply with the equity loan scheme has ... read more
Job Support Scheme for closed businesses
The CJRS or furlough scheme ended on 31 October 2020 and has been replaced by the Job Support Scheme (JSS). This JSS has been designed to help businesses and employees deal with a fresh spike of the virus and a winter of uncertainty.
The JSS is now split into two parts, the JSS Open for businesses which remain open and the JSS Closed for businesses that are forced to close because of local or national lockdown measures. The two parts of the scheme will run in parallel for 6 months until 30 ... read more
Venues required to enforce rule of six
Since 18 September 2020, many designated venues in England have been required to enforce the rule of 6. The 'rule of 6' bans any social gathering of more than 6 people, except under limited circumstances such as if a single household or support bubble includes more than 6 people.
Services included within the legal requirements to enforce the rule of 6 include:
hospitality, including pubs, bars, restaurants and cafés
tourism and leisure, including gyms, swimming pools, hotels, ... read more
Carry back charitable donations
If you pay Income Tax at the basic rate no additional relief is due on your charitable donations. However, if you are a higher rate or additional rate taxpayer then you can claim tax relief on the difference between the basic rate and your highest rate of tax. This relief is given by increasing your basic rate and higher rate band by the grossed-up amount of your gifts.
If you are a higher rate or additional rate taxpayer you have the option to carry back your charitable donations to the ... read more
JSS – financial impact test for large employers
The Job Support Scheme (JSS) Open is available from 1 November 2020 for businesses that remain open but with employees working reduced hours. Employees must work at least 20% of their usual hours, paid as normal, in order to qualify for the JSS Open. The employee will then receive 66.67% of their normal pay for hours not worked. Employees will therefore forego one-third of their pay for the hours that they have not been working.
The contribution for hours not worked will be made up of ... read more
JSS fraudulent claims
The Job Support Scheme (JSS) has replaced the Coronavirus Job Retention Scheme (CJRS) which came to an end on 31 October 2020.There are significant concerns that between 5%-10% of claims made under the CJRS were fraudulent or made in error.
There are additional anti-fraud measures in place to help prevent fraudulent claims made under either the JSS Open or JSS Closed. In order to help make the new JSS more secure, checks will be put in place and payments claimed may be withheld if HMRC suspects ... read more
Events company collapse
A recent investigation by the Insolvency Service has seen a husband and wife disqualified from being directors for a total of 17 years. The husband and wife team were directors of a company that provided conference and event organisation services across the UK.
The male director had resigned as a director of the company in November 2014 after he was disqualified for 6 years. However, investigators discovered that the banned director had continued running the company behind the scenes in breach ... read more
Unravelling the jargon: what is a support bubble?
The following notes are copied from the GOV.UK website. At first glance, it would appear that the definition of a support bubble should be fairly easy to grasp. Don’t hold your breath.
Basically, a support bubble is a close support network between a household with only one adult in the home (known as a single-adult household) and one other household of any size.
Once you are in a support bubble, you can think of yourself as being in a single household with people from the other household. It ... read more
Handling food? Wash, those hands
If you are considering any change to your business activities that will involve handling any packaged food or raw ingredients, as you would expect, there are a raft of regulations that you will need to consider and adopt.
The Department of the Environment has published considerable guidance on the GOV.UK website. Simply Google “Guidance for food businesses on coronavirus”. A brief extract from their guidance follows.
Although it is very unlikely that COVID-19 is transmitted ... read more
Tax Diary November/December 2020
1 November 2020 - Due date for Corporation Tax due for the year ended 31 January 2020.
19 November 2020 - PAYE and NIC deductions due for month ended 5 November 2020. (If you pay your tax electronically the due date is 22 November 2020.)
19 November 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 November 2020.
19 November 2020 - CIS tax deducted for the month ended 5 November 2020 is payable by today.
1 December 2020 - Due date for Corporation Tax payable for the ... read more